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4 titre( rl I 1 411 41..• III. I 1113t I 14..• • I at o, no a v-ne one awat sat o.d. V . ea, 1. C 1. tit( in lite mint •• u•a ii•4 Milan:A . It ..••• al•fl 411.1.1 ilp le. lin Int. gal. I l•r• SIG.. • II a It., YAYiY ..r..: [a ... We. 'a/ .4y of i Cionle.i.µ stets IC
MEMORANDUM OF UNDERSTANDING THE PARTIES Mr. Giancarlo Galati, born on in , co-owner and CEO of 2morrowmodel SRL and other model agencies, domiciled in from now on the "Operating Investor" Ms. , born on
4 titre( rl I 1 411 41..• III. I 1113t I 14..• • I at o, no a v-ne one awat sat o.d. V . ea, 1. C 1. tit( in lite mint •• u•a ii•4 Milan:A . It ..••• al•fl 411.1.1 ilp le. lin Int. gal. I l•r• SIG.. • II a It., YAYiY ..r..: [a ... We. 'a/ .4y of i Cionle.i.µ stets IC
MEMORANDUM OF UNDERSTANDING THE PARTIES Mr. Giancarlo Galati, born on in , co-owner and CEO of 2morrowmodel SRL and other model agencies, domiciled in from now on the "Operating Investor" Ms. born on
4 titre( rl I 1 411 41..• III. I 1113t I 14..• • I at o, no a v-ne one awat sat o.d. V . ea, 1. C 1. tit( in lite mint •• u•a ii•4 Milan:A . It ..••• al•fl 411.1.1 ilp le. lin Int. gal. I l•r• SIG.. • II a It., YAYiY ..r..: [a ... We. 'a/ .4y of i Cionle.i.µ stets IC
of the proceedings shall be English. LIST OF ANNEXES Annex 1: Business plan for first year, Paris office SIGNATURES Paris, April 2014 Ms. Mr. Giancarlo Galati EFTA_R1_02205672 EFTA02721492 Annex 1: nmorrow Business plan lst year presentation France Only EFTA_R1_02205673 EFTA02721493 OVERVIEW ',s
Entities connected to both Milan and Giancarlo Galati

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ORGANIZATIONAmman
LOCATIONO. taw n*
PERSONItte Wawa aloe le Sets Sew ems
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PERSONthe Financial Investor
ORGANIZATIONThe Operating Investor
ORGANIZATIONma ~Ws Aiwa
ORGANIZATIONSeptets
ORGANIZATIONAnnexes
ORGANIZATIONwan .mtrais
PERSONSmorrou
PERSON